GFGL spends GH¢120 community initiatives

Tarkwa and Goldfields Ghana Limited (GFGL) Foundation has so far spent a total of over GH¢120 million on community development initiatives at both in the Tarkwa and the Damang communities in the Ashanti Region, Today has gathered. 

The funds, this paper learnt, do not include the public road rehabilitation project that is currently ongoing between Tarkwa and Damang, estimated to cost over GH¢100 million once completed.   Today established that GFGF funded community projects and programmes at the Damang and Tarkwa mines, from money received by the mines based on the production and profitability of the operations.

The contract mining model, Today was told, affords Tarkwa mines the opportunity to increase production, extend the life-of-mine through exploration, and remain viable to contribute to the Foundation and other community development programmes.   The majority of the major mining companies in Ghana are using the contract-mining model.

These include Abosso Goldfields, Newmont Ghana (Ahafo Underground Project), AngloGold Ashanti (Iduapriem), Golden Star Resources’ Bogoso/Prestea, Asanko, Perseus and Adamus (Endeavour) mines.    GFGL’s decision to adopt contract mining is in line with industry practice and not an aberration.   GFGL used the contract-mining model at Tarkwa in the past (between 1996 and 2004), before switching to owner mining in 2004.   The need to adopt one model over the other is influenced by prevailing operating and economic conditions. Presently, contract mining is the option that will best ensure the longevity and sustainability of the Tarkwa mine.

 

Minerals & Mining Matters with Freeman Koryekpor Awlesu

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